Great expectations

A K Tiwary, TNNJan 13, 2007, 12.31pm IST

Greater Noida Industrial Development Authority (GNIDA) is all set to launch the development of Greater Noida Phase-II as a new integrated township on NH-24 and NH-91. After the approval of IIT Roorkee-based Expert Committee Master Plan, the project is expected to be cleared by the next financial year.

According to Rakesh Bahadur, chairman-cum-chief executive officer, GNIDA, the master plan, 2021 of Greater Noida Phase-II, is being prepared on the basis of projected population growth and for according maximum opportunity to prospective and upcoming industries in Greater Noida. Hyderabad based national remote sensing agency has already done satellite imagery.

To develop Phase-II, a proposal for border extension has also been approved. To extend the land area, 172 villages from Greater Noida's urban area to Hapur via Dadri, Ghaziabad, Sikandarabad and Pilakhua have been proposed to be notified. After the notification, processing of Section 4/17 and Section 6/17 (Land Acquisition Act) will be done. The villagers are busy cashing in upon the opportunity to make money as the real estate prices have shot through the roof. Here, in the proposed villages, the prices have gone up to several lakhs, per acre.

The new city will extend to Dadri, adjoining Hapur road and Sikandarabad. According to the department of planning, GNIDA has earmarked 58000 hectare land to be acquired from the above mentioned villages. As an alternative to the overcrowded National Capital, the Centre approved this new integrated township, the Greater Noida Phase-II , a year back, informed Anil Garg, additional chief executive officer, GNIDA.

Of course, the development of Phase-II has brought a boom in the property trends. Property prices are soaring high in industrial, residential as well as in institutional segments. In view of the said project GNIDA has revised its land rates, both for commercial and residential plots, by 15% and 10% respectively.

Nearly 36000 hectare or more than 60% area comes under green cover, making its environment relatively clean. Naturally, this will make it the first choice of those who want to live in an eco-friendly area — cashing in on this sentiment is an emerging new integrated township, in this area.

All polluting industries and institutions are prohibited from setting shop here, and for those allowed in, the Authority is not only ensuring a speedy clearance and approval, but also incentives to promote early commissioning of the projects. Due to this, the city has become a favourite choice of MNCs and domestic investors, believes Karanchandani, vice-president, Parsvnath Developers.